The Committee for Reforms approved the bill for payment services

The Committee for Reforms, headed by MK Rachel Azaria of the "Yesh Atid" party, approved the bill for payment services a few hours before the Knesset's dissolution, proposing consumer protections and regulating new means of payment such as electronic wallet and cellular payment applications.
MK Rachel Azaria said, "This is a victory for the Israeli public. Over ten discussions discussed lobbyists and tried to delay the bill. The law will increase the supply of available means of payment for public use and will be another step in dismantling the concentration of banks.
The bill, which was formulated by the Ministry of Justice, in cooperation with the Ministry of Finance, the Bank of Israel and the Antitrust Authority, is intended to regulate the use of advanced means of payment in new platforms such as the Bit and Pepper payment applications.
Every technological advance has advantages and improvements alongside disadvantages and risks. The proposal regulates innovative means of payment such as electronic wallet, payment transfers, storage and payment of funds. The proposal also deals with the traditional banking system such as credit cards and postal bank.
The bill also prescribes arrangements in the event of failure of a transaction and regulates the liability in case of misuse electronic means of payment. The proposal regulates consumer defenses, such as the obligation to disclose information to consumers, such as the amount and types of commissions, the obligation to sign a contract with the consumer, the obligation to stop payment to the supplier for cancellation or failure of a transaction.
The multiplicity of means of payment enables competition and each service has its own added value. The government's policy is to promote innovation in order to reduce cash payments in order to reduce the black economy and enable competition and efficiency in payments in the economy. The proposal defines a means of payment and the relationship between the customer and the service providers. Provisions were laid down for the contract and its terms as well as warranty arrangements for misuse and impersonation.
The bill was attended by representatives of credit companies, the Association of Banks, the Postal Bank, representatives of the credit card forum, Pai-Pal, Bay-Me, Gamma, Carnegie, Chambers of Commerce, Fin-Tech and representatives of Companies that deal with advanced means of payment.
MK Haim Yellin of the Yesh Atid party said, "We fought for several years in order for the new platforms to be part of the market. Market brains run faster than our minds. The idea was to prepare a legal infrastructure for the future. "